Pacifica Companies, the US-based $2 billion group with interest in real estate and property development, would set up its first IT project in India at the Chennai’s IT corridor on the Old Mahabalipuram Road (OMR).
Spread over 7.29 acres at Navalur on the mainstream IT corridor, Pacific Tech Park would have a built up area of over 10 lakh sq ft in two blocks.
The building with an integrated management system has features like flat slab technology, scalability option, facade with double glazing and structure designed for seismic zone specifications.
‘Pacifica Tech Park offers one of the largest floor plates and will be ready for operations by next month and for occupation by April 2007,’ said Vikram Agnihotri, regional head, South, Pacifica Companies. He said that with three decades of experience in commercial and industrial projects in the world, Pacifica was confident of making its presence felt in the Indian market.
Over the decades, the company has garnered rich experience in residential and commercial buildings, retail complexes, hotels and industrial development throughout the United States.
‘Our strategy is to capitalise on opportunities in high growth markets like India. We are starting off in Chennai as there is demand for quality space for commercial projects, especially for IT companies.
The IT corridor on OMR has become the epicentre for software activity,’ said Pradeep Kshatriya, director, Marketing, Pacifica Companies. Explaining the future plans of the company, he said Pacifica has invested over $200 million in India during 2006 and would be investing $400 to $500 million in the next two years.
Ravi Ahuja, national head, Project Marketing, Cushman & Wakefield India said his company was happy to be associated with Pacifica Tech Park as it opened good opportunity for IT firms to avail quality real estate for their business.
Cushman is a real estate services firm and represents firms in buying, selling, financing, leasing, managing and valuing assets.
According to Cushman & Wakefield, Chennai has witnessed absorption of nearly 7 million sq ft, including precommitments in 2006, due to its attractiveness for software operations.
Headquartered in San Diego, Pacifica employed over 2,300 people and had invested $200 million in India so far.
Some of the hotels managed by Pacifica Host, the management wing of the group, include Marriot Courtyard in California and Sheraton Phoenix East, San Jose, among others.
